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Oil prices went up after a sharp decline the day before

UNITED STATES (OBSERVATORY) –¬†Oil prices rise on Wednesday after a significant decline on the eve of data on the growth of production in the US. The market is supported by the continuing uncertainty about the Iranian problem.

The price of July futures for Brent crude at the London Stock Exchange ICE Futures by 6:25 UTC increased by $ 0.11 (0.15%) – to $ 73.24 per barrel. On Tuesday, contracts fell by $ 1.56 (2.09%) – to $ 73.13 per barrel.

The cost of the WTI futures contract for June in the electronic trading of the New York Mercantile Exchange increased by $ 0.32 (0.48%) to $ 67.57 per barrel. As a result of the previous session, the contracts fell in price by $ 1.32 (1.93%) – to $ 67.25 per barrel.

In April, Brent went up by 7.7%, WTI – by 5.6%.

The report of the Energy Information Administration (EIA) of the US Energy Ministry, published on Tuesday, showed that oil production in the country in February rose to a record 10.264 million barrels per day (b / s).

The attention of traders is directed to the weekly data of the US Ministry of Energy on the reserves of energy carriers and oil production in the US, which will be made public on Wednesday.

According to experts, polled by S & P Global Platts, oil reserves in the US rose by 1.8 million barrels last week, gasoline inventories fell by 1 million barrels, distillates – by 1.3 million barrels.

Meanwhile, the American Petroleum Institute (API) on Tuesday reported an increase in US oil reserves over the past week by 3.43 million barrels.

Market participants fear that by mid-May the US can decide to resume sanctions against Iran – this will lead to a restriction of oil exports from the country.